Par Capital Management Inc · 13F-HR · For 3/31/05

Filed On 5/16/05 7:56am ET   ·   SEC File 28-06766   ·   Accession Number 1125282-5-2567

Quarterly Holdings or Combination Report by an Institutional Money Manager   ·   Form 13F
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 13F-HR      Quarterly Holdings or Combination Report by an         6±    48K 
                          Institutional Money Manager                            

13F-HR
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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 13F

 Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: 3/31/05                          

Check here if Amendment: |_|; Amendment Number: ____                            

This Amendment (Check only one): |_| is a restatement.                          
                |_| adds new holdings entries.

Institutional Investment Manager Filing this Report:                            

Name: PAR CAPITAL MANAGEMENT, INC.                                              

Address:                                                                        

Form 13F File Number: 28-_____________                                          

The institutional investment manager filing this report and the person by whom  
it is signed hereby represent that the person signing the report is authorized  
to submit it, that all information contained herein is true, correct and        
complete, and that it is understood that all required items, statements,        
schedules, lists, and tables, are considered integral parts of this form.       

Person Signing this Report on Behalf of Reporting Manager:                      

Name: Suzanne M. Matulis                                                        
Title: Secretary                                                                
Phone: 617-526-8990                                                             

Signature, Place, and Date of Signing:                                          

Suzanne M. Matulis                Boston, MA                     5-16-05        
---------------------     ---------------------------      -------------------  
[Signature]                  [City, State]                   [Date]     

Report Type (Check one only):                                                   

[X]  13F HOLDINGS REPORT.  (Check here if all holdings of this reporting manager
are reported in this report.)                                         

[ ]  13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)                 

[ ]  13F COMBINATION  REPORT.  (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)                                          

List of Other Managers Reporting for this Manager:                              
[If there are no entries in this list, omit this section.]                      

Form 13F File Number               Name                                         

28-___________________________     _______________________________________      
[Repeat as necessary.]                                                          

13F-HR
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Form 13F SUMMARY PAGE 

Report Summary:                                                                 

                       0
Number of Other Included Managers:      _____________                           
                     142
Form 13F Information Table Entry Total: _____________                           
               1,022,363
Form 13F Information Table Value Total: $____________                           
             (thousands)

List of Other Included Managers:                                                

Provide a numbered list of the name(s) and Form 13F file number(s) of all       
institutional investment managers with respect to which this report is filed,   
other than the manager filing this report.                                      

[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]                                                              

No.       Form 13F File Number          Name                                    

_______   ___________________________   ________________________________        

[Repeat as necessary.]                                                          

13F-HR
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FORM 13F INFORMATION TABLE

As of March 31, 2005     Name of Reporting manager: PAR CAPITAL MANAGEMENT, INC.

                                                        · Enlarge/Download Table

     COLUMN 1              COLUMN 2     COLUMN 3   COLUMN 4        COLUMN 5       COLUMN 6   COLUMN 7        COLUMN 8      
------------------      --------------  --------   --------  ------------------  ----------  --------  --------------------
                                                    VALUE    SHRS OR  SH/  PUT/  INVESTMENT   OTHER      VOTING AUTHORITY  
  NAME OF ISSUER        TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT  PRN  CALL  DISCRETION  MANAGERS  SOLE   SHARED   NONE
------------------      --------------  --------   --------  -------  ---  ----  ----------  --------  ----   ------   ----
                                                                                                                           
Adtran Inc.             Common          00738A106      1782   101000       SHR   X                      101000             
Aeropostale             Common          007865108     18877   576400       SHR   X                      576400             
Airtran Holdings Inc.   Common          00949P108      2960   327100       SHR   X                      327100             
AmDocs Limited          Common          G02602103      1420    50000       SHR   X                       50000             
Alaska Air Group Inc.   Common          011659109      6035   205000       SHR   X                      205000             
Alliance Data System                                                                                                       
  Corp                  Common          018581108      4444   110000       SHR   X                      110000             
Alliance Gaming                                                                                                            
  Corporation           Common          01859P609     12526  1306200       SHR   X                     1306200             
AMR Corp                Common          001765106     64791  6055205       SHR   X                     6055205             
Ameritrade Holding                                                                                                         
  Corp                  Common          03074K100      7695   753700       SHR   X                      753700             
Anadigics Inc.          Common          032515108       150   104006       SHR   X                      104006             
Analog Devices Inc.     Common          032654105      3253    90000       SHR   X                       90000             
Aquantive Inc.          Common          03839G105      1266   115000       SHR   X                      115000             
Argosy Gaming                                                                                                              
  Corporation           Common          040228108     22960   500010       SHR   X                      500010             
Atmel Corp              Common          049513104       693   235000       SHR   X                      235000             
Biosite Inc.            Common          090945106       416     8000       SHR   X                        8000             
Blockbuster Inc.        Class A Common  093679108       442    50000       SHR   X                       50000             
Boots & Coots Intl      Common          099469504       250   236150       SHR   X                      236150             
Boyd Gaming                                                                                                                
  Corporation           Common          103304101      2175    41700       SHR   X                       41700             
CIT Group Inc           Common          125581108      2850    75000       SHR   X                       75000             
CKE Restaurants         Common          12561E105     12682   800100       SHR   X                      800100             
CNA Financial Corp      Common          126117100       702    25000       SHR   X                       25000             
Cablevision Systems                                                                                                        
  Corp                  Class A Common  12686C109     14025   500000       SHR   X                      500000             
Carrier Access Corp     Common          144460102      1156   194015       SHR   X                      194015             
Catalina Marketing                                                                                                         
  Corporation           Common          148867104     11655   450000       SHR   X                      450000             
Channell Commercial                                                                                                        
  Corp                  Common          159186105       183    24300       SHR   X                       24300             
Cintas Corp             Common          172908105      6205   150202       SHR   X                      150202             
COHU Inc.               Common          192576106      2791   175000       SHR   X                      175000             
Conceptus Inc.          Common          206016107       121    15500       SHR   X                       15500             
Coast Financial                                                                                                            
  Holdings Inc.         Common          212485106       416    22500       SHR   X                       22500             
Conns Inc               Common          208242107      9431   501629       SHR   X                      501629             
Credence Systems                                                                                                           
  Corp                  Common          225302108       396    50000       SHR   X                       50000             
D&K Healthcare                                                                                                             
  Resources Inc.        Common          232861104      7944   949047       SHR   X                      949047             
Danielson Holding                                                                                                          
  Corp                  Common          236274106      7159   415000       SHR   X                      415000             
Ditech Communications   Common          25500M103      1704   136632       SHR   X                      136632             
E-Loan Inc.             Common          26861P107       961   362566       SHR   X                      362566             
Echostar                                                                                                                   
  Communications        Class A Common  278762109     28607   978000       SHR   X                      978000             
Eidos PLC Sponsored                                                                                                        
  ADR                   Common          282485101       156   133760       SHR   X                      133760             
Electronic Game Card                                                                                                       
  Inc.                  Common          285716106       567   300000       SHR   X                      300000             
Employee Solutions      Common          292166105              70000       SHR   X                       70000             
Energy Conversion                                                                                                          
  Devices Inc.          Common          292659109       325    14300       SHR   X                       14300             
EMAK Worldwide Inc      Common          294724109       528    51000       SHR   X                       51000             
Epicor Software Corp    Common          29426L108       503    50000       CALL  X                       50000             
Espeed Inc.             Common          296643109       441    47964       SHR   X                       47964             
Evergreen Solar Inc.    Common          30033R108       530    75000       SHR   X                       75000             
Excell Maritime                                                                                                            
  Carries LTD           Common          V326N107        415    22500       SHR   X                       22500             
Flyi Inc                Common          34407T104      4055  3192870       SHR   X                     3192870             
Formfactor Inc.         Common          346375108       906    40000       SHR   X                       40000             
Foster Wheeler LTD      Common          G36535139       870    50000       SHR   X                       50000             
G-III Apparel Group                                                                                                        
  LTD                   Common          36237H101       554    68365       SHR   X                       68365             
Gamestop Corp           Class A Common  36466R101       456    20600       SHR   X                       20600             
Gaylord Entertainment                                                                                                      
  Co                    Common          367905106     29792   737424       SHR   X                      737424             
Global Technovations                                                                                                       
  Inc.                  Common          37939M109             340500       SHR   X                      340500             
Great American Finl                                                                                                        
  Res Inc.              Common          389915109      1562    92200       SHR   X                       92200             
Gtech Holdings Corp     Common          400518106     28831  1225300       SHR   X                     1225300             
Guess Inc.              Common          401617105      2419   176600       SHR   X                      176600             
Harris Interactive                                                                                                         
  Inc.                  Common          414549105       643   139511       SHR   X                      139511             
Hollywood Entertainment                                                                                                    
  Corporation           Common          436141105     13170  1000000       SHR   X                     1000000             
Imagyn Medical                                                                                                             
  Technologies Inc.     Common          45244E100              78333       SHR   X                       78333             
Innovo Group Inc.       Common          457954600      5718  1152819       SHR   X                     1152819             
Interland Inc.          Common          458727104      4280  2000000       SHR   X                     2000000             
Intergrated Silicon                                                                                                        
  Solution              Common          45812P107      1702   254087       SHR   X                      254087             
Intersil Corp           Class A Common  460695109      2598   150000       SHR   X                      150000             
iShares Russell 2000                                                                                                       
  Growth                Common          464287648      1565    25000       PUT   X                       25000             
JP Morgan Chase & Co.   Common          46625H100      1211    35000       SHR   X                       35000             
Jetblue Airways Corp    Common          477143101      5712   300000       SHR   X                      300000             
Kanbay International                                                                                                       
  Inc                   Common          48369P207      3115   152240       SHR   X                      152240             
LTWC Corporation        Common          522002104              15428       SHR   X                       15428             
Liberate Technologies   Common          530129105       106    45000       SHR   X                       45000             
Lifetime Fitness Inc.   Common          53217R207      5857   217100       SHR   X                      217100             
Lighting Science                                                                                                           
  Group Corp            Common          53224G103         9     5719       SHR   X                        5719             
Lithia Motors Inc       Class A Common  536797103      9453   369100       SHR   X                      369100             
Lodgenet Entertainment                                                                                                     
  Corporation           Common          540211109     28260  1500000       SHR   X                     1500000             
MEMC Electronic                                                                                                            
  Materials             Common          552715104      3026   225000       SHR   X                      225000             
MRV Communications Inc. Common          553477100       909   281494       SHR   X                      281494             
MTR Gaming Group Inc.   Common          553769100      6930   558899       SHR   X                      558899             
MAIR Holdings Inc.      Common          59066B102     10632  1200000       SHR   X                     1200000             
Management Network                                                                                                         
  Group                 Common          561693102       119    50000       SHR   X                       50000             
Maxtro Corp             Common          577729205      1064   200000       SHR   X                      200000             
Mediacom Communications                                                                                                    
  Corp                  Class A Common  58446K105      3132   478900       SHR   X                      478900             
Monolithic System                                                                                                          
  Technology Inc.       Common          609842109      1053   180000       SHR   X                      180000             
Monster Worldwide Inc.  Common          611742107     10207   364400       SHR   X                      364400             
Multimedia Games Inc.   Common          749938106     10748  1385011       SHR   X                     1385011             
NTL Inc                 Common          62940M104      2388    37500       SHR   X                       37500             
Nasdaq Stock Market                                                                                                        
  Inc.                  Common          631103108      2140   200000       SHR   X                      200000             
Navigant International                                                                                                     
  Inc.                  Common          63935R108     10928   800000       SHR   X                      800000             
Netbank Inc.            Common          640933107       985   116166       SHR   X                      116166             
Newell Rubbermaid Inc.  Common          651229106      1042    47500       SHR   X                       47500             
Nintendo Co. LTD        Common          654445303      2380   175000       SHR   X                      175000             
Ohio Art Co             Common          677143109       275    40500       SHR   X                       40500             
OpenTV                  Common          G67543101       192    67500       SHR   X                       67500             
Open Solutions Inc.     Common          68371P102      3768   190000       SHR   X                      190000             
Peets Coffee & Tea                                                                                                         
  Inc.                  Common          705560100     10968   444945       SHR   X                      444945             
Pegasus Solutions                                                                                                          
  Inc.                  Common          705906105      6983   590770       SHR   X                      590770             
Penn National Gaming                                                                                                       
  Inc.                  Common          707569109     46490  1582385       SHR   X                     1582385             
Pharmacyclics Inc.      Common          716933106       201    25000       SHR   X                       25000             
Phoenix Companies Inc   Common          71902E109      1633   127800       SHR   X                      127800             
Physician Computer                                                                                                         
  Network               Common          71940K109             251000       SHR   X                      251000             
Piper Jaffray Cos       Common          724078100       732    20000       SHR   X                       20000             
Pixar                   Common          725811103      2483    25450       SHR   X                       25450             
Placer Sierra                                                                                                              
  Bancshares            Common          726079106      1773    77173       SHR   X                       77173             
Playboy Enterprises                                                                                                        
  Inc. Holdings         Class B Common  728117300       770    59700       SHR   X                       59700             
Priceline Inc.          Common          741503403     93309  3702738       SHR   X                     3702738             
Providian Financial                                                                                                        
  Corp                  Common          74406A102      1973   115000       SHR   X                      115000             
Puradyn Filter                                                                                                             
  Technologies Inc.     Common          746091107       515   520300       SHR   X                      520300             
Pure Cycle Corp New     Common          746228303      6376   977950       SHR   X                      977950             
Qiagen NV               Common          N72482107      1791   150000       SHR   X                      150000             
QLT Inc.                Common          746927102      3888   302300       SHR   X                      302300             
Quicksliver Inc.        Common          748380106     11612   400000       SHR   X                      400000             
Remec Inc.              Common          759543101      1320   250000       SHR   X                      250000             
Robert Half                                                                                                                
  International Inc.    Common          770323103      2022    75000       SHR   X                       75000             
S1 Corp                 Common          78463B101       694   100000       SHR   X                      100000             
Sabre Holdings                                                                                                             
  Corporation           Class A Common  785905100     30741  1405000       SHR   X                     1405000             
Sapient Corp            Common          803062108      4970   676618       SHR   X                      676618             
Satyam Computer Svcs                                                                                                       
  Ltd                   Common          804098101      4688   200700       SHR   X                      200700             
SeeBeyond Tech Corp     Common          815704101       638   202000       SHR   X                      202000             
Seitel Inc              Common          816074405       419   300500       SHR   X                      300500             
Select Comfort Corp     Common          81616X103      4400   215272       SHR   X                      215272             
Semiconductor Holdrs                                                                                                       
  Trust                 Common          816636203      1139    35000       PUT   X                       35000             
Solectron Corp          Common          834182107       112    32400       SHR   X                       32400             
Somera Communications                                                                                                      
  Inc.                  Common          834458101       795   500000       SHR   X                      500000             
Sovereign Bancorp Inc.  Common          845905108      1108    50000       SHR   X                       50000             
Sports Authority Inc.   Common          849170109      6908   251200       SHR   X                      251200             
Station Casinos Inc.    Common          857689103    127490  1887350       SHR   X                     1887350             
Stats Chippac LTD ADR   Common          85771T104     28754  4350000       SHR   X                     4350000             
Synplicity Inc.         Common          87160Y108       843   150300       SHR   X                      150300             
TNS Inc.                Common          872960109      2693   150000       SHR   X                      150000             
Tenet Healthcare                                                                                                           
  Corporation           Common          88033G100      6411   556000       SHR   X                      556000             
Teradyne Inc.           Common          879360105       730    50000       SHR   X                       50000             
Therma-Wave Inc         Common          88343A108       791   410000       SHR   X                      410000             
Tivo Inc.               Common          888706108      6721  1300000       SHR   X                     1300000             
TOPPS Co Inc.           Common          890786106       507    55000       SHR   X                       55000             
Toys R Us Inc.          Common          892335100      1288    50000       SHR   X                       50000             
Triad Hospital Inc.     Common          89579K109     33642   671500       SHR   X                      671500             
Universal Health                                                                                                           
  Services, Inc.        Class B Common  913903100     57011  1088000       SHR   X                     1088000             
Vaalco Energy Inc.      Common          91851C201       919   240000       SHR   X                      240000             
Varian Semiconductor                                                                                                       
  Equipment Assoc       Common          922207105       570    15000       SHR   X                       15000             
Vivendi Universal ADR   Common          928515204       824    26917       SHR   X                       26917             
VNU N V                 Common          92856P108       610    21170       SHR   X                       21170             
Waddell & Reed                                                                                                             
  Financial Inc.        Class A Common  930059100      1135    57500       SHR   X                       57500             
Wet Seal Inc.           Class A Common  961840105      9228  2651794       SHR   X                     2651794             
Wilsons Leather                                                                                                            
  Experts Inc.          Common          972463103      1126   236099       SHR   X                      236099             
Zixit Corp              Common          98974P100       269    71900       SHR   X                       71900             
         Total Long Equities                        1022363                                                                

[Repeat as necessary.]                                                                                                     

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 13F-HR Filing		Date		First		Last			Other Filings
For The Period Ended		3/31/05		3
Filed On / Filed As Of / Effective As Of		5/16/05
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